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Executives and leaders quit due to burnout

The Great Quit, or turnover tsunami, shows no signs of abating, and this mass exodus isn’t just for frontline workers. Executives and leaders leave office due to burnout.

Senior management, CEOs, and executives are overworked, overwhelmed, and leaving their companies for positions in organizations that recognize the value of a healthy, happy workforce.

Of the many factors that precipitated The Great Resignation, fatigue and lack of support are the most significant. A recent Deloitte survey found that almost 70% of executives consider leaving their jobs for workplaces that care more about their well-being. According to the same study, 57% of non-executive employees want to quit for similar reasons.

Recession doesn’t help unsupportive companies retain leaders

The high number of resignations is impacting organizations concerned about retention and recession. Given that higher paid professionals have invested years of their lives in education and career building, these turnover rates are alarming for many companies.

Assuming that the recession will keep leaders in their current roles at all costs is a mistake. Toxic companies may rely on fear and scarcity to retain top talent, but despite the news from Wall Street, skyrocketing stress levels, tight schedules and toxic cultures are driving even the most high-profile executives to leave coveted leadership positions.

Despite the recession, there are more jobs open now than in February 2020, before the pandemic. The labor market is still hot, despite the concern over the economic situation in the United States. Workers and managers have the power to choose and can always dictate the course of their careers. Because of this, exhausted executives and leaders leave their jobs, knowing that they will find better opportunities.

In 2022 alone, major corporations including Amazon, Starbucks, Pinterest and American Airlines saw their CEOs resign. This is in addition to 2021 losses, which include Twitter and Disney.

Many of their press releases cite the reasons people would expect: These prominent figures are looking for greener pastures. Senior executives and leaders in all industries are looking for new challenges, a better cultural fit, and a work/life balance that allows them to have a full life outside of their careers.

Being more financially secure allows leaders to exercise control over their career paths in ways that lower-paid professionals or entry-level workers can’t always risk.

Roles in managing the impacts of pandemic fatigue and high turnover

When the big quit began, the focus was on the lowest paid workers quitting their jobs, leaving companies scrambling to produce, provide customer service and maintain operations.

Workers were frustrated by the demands of the pandemic and the unfair expectations expressed by their companies. They were generally looking for more flexible work situations, better pay, concern for their well-being and opportunities for career development.

Executives experience similar frustrations. The ongoing effort to replace departing workers adds to their stress, along with reduced resources and increased pressure from management. A survey of managers conducted by Humu shows that hiring and retention have been the two biggest challenges for leadership over the past year.

Managers must lead entire teams through extraordinary change and hardship as the workforce and markets are still trying to find stable ground after the past two years. Executives and leaders can be excellent decision makers, but that doesn’t necessarily mean they have the skills to lead people through times of personal and professional crisis.

Additionally, they often lack the power or influence to change an organization’s culture and priorities to give their team members the compensation and respect they demand.

Leaders must balance the needs and goals of two groups: their teams in the field and the company’s senior executives. It’s a stressful position, often impossible to navigate, and they do it while running day-to-day operations.

Prioritizing wellness is non-negotiable for ethical, growth-oriented businesses

While boards and other C-suite members may reconsider compensation, overall employee wellbeing should be a high priority on their agenda. The bottom line is that no one should sacrifice their mental and physical health for a paycheck, and workers know that.

Some of the same concerns frontline workers face often apply to executives and leaders: they are unable to meet their basic needs and are undervalued by their employers.

Their demanding roles, increased responsibilities, reduced resources and exhausting schedules often prevent them from meeting their basic needs, taking care of themselves or taking time off. They suffer from unhealthy stress levels and a lack of support from their employers, despite their high profile roles and salaries.

The first step to mitigating these issues is accepting that in 2022 well-being is more important to people than advancing their careers at any cost. Leaders know they don’t have to tolerate bad treatment in exchange for a title and a high salary. They can find fulfilling roles in companies that will value them and support their employees well enough to attract and retain talent.

Work is both essential for financing basic needs and personal care, and a significant barrier to meeting basic needs and practicing personal care

According to the same Deloitte survey, work is the most significant obstacle that employees and managers face in prioritizing their well-being. High-stress work and long working hours get in the way of proper self-care, and even basic needs take a back seat to deadlines and pressure to achieve goals.

Adopting healthier habits and intentional self-care is crucial for overall health and well-being. It contributes significantly to job performance, but many other dynamics prevent professionals from employing these positive habits.

For example, establishing and maintaining work-life boundaries while working from home is a challenge, even for hybrid workers. When the office is at home, it’s more common to exceed time limits, perform tasks outside of work hours, and meet leadership and team expectations for near-constant availability.

Workers and managers are not getting the time they need to recuperate. A staggering 63% of employees and 73% of senior managers say they don’t get enough time off work and don’t take enough breaks.

Accountability Among Health-Savvy Executives and CEOs

Recent efforts have improved leadership accountability. Leaders and CEOs recognize that their companies must do more to prioritize employee wellbeing, citing employee wellbeing as an important priority in the years to come.

Deloitte is calling for more health-savvy leaders who understand the significant impact wellness has on business success. This affects performance, retention, and ultimately revenue.

When organizations take action to improve the well-being of their leaders, management teams and employees, they are investing in their most valuable resources. When they don’t, they risk their top talent and leaders leaving their jobs due to burnout.

How are healthcare thought leaders implementing these critical changes?

  • First, boards are discussing ways to develop better benefits, which would have a significant impact on the health and well-being of their employees.
  • Second, many organizations recognize the need for greater flexibility, better schedules, and more free time. When leaders and workers can consistently take care of themselves and their families, their stress levels tend to decrease while levels of innovation and productivity increase.
  • Third, leaders and managers join the voices of their team members in demanding that companies invest in transparent, stakeholder-centric business practices and ethical decision-making.

As part of this process, companies must evaluate their mission statements and make decisions based on alignment with company values ​​and progress toward their long-term missions rather than focusing solely on gains. and short-term measures.

When companies value stakeholders above short-term profits, it has a positive impact on all employees, from leaders to the teams they lead. This creates space to work through issues without waiting for burnout to force top talent to quit. If retention and loyalty are essential for an organization, it must prioritize the well-being of its hourly employees up to those in managerial and managerial positions.

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